London, 5 May 2015 – Alteri Investors ("Alteri"), the specialist European retail investor, today announces that it has acquired Versandhaus Walz ("Walz") for an undisclosed sum. Walz is a leading European multi-channel and multi-brand retailer based in Bad Waldsee near Munich, Germany. Walz's retail portfolio includes Baby-Walz, one of Europe’s largest specialist providers of baby products, as well as other well-known mail order and e-commerce businesses Die Moderne Hausfrau, walzvital and Mirabeau.
The transaction also includes right-sizing the business’ capital structure and a significant capital infusion by Alteri to fund the group's working capital requirements, as well as a degree of operational restructuring. Previously Alteri acquired the debt in Puccini Holding from a consortium of lenders.
Mike Weccardt, Chief Executive Officer of Walz commented:
“I am delighted to welcome Alteri Investors to Versandhaus Walz. Throughout the complex transaction, they have been highly supportive and I am confident we now have the right partner to take the business forward. With a newly strengthened balance sheet and a focus on our core brands, we believe we can deliver a sustainable turnaround and ultimately a performance worthy of a German retail champion.”
Gavin George, CEO of Alteri Partners added:
"Walz is a retail group with strong brand awareness, an experienced management team and great potential. Now that the business has an appropriate capital structure, we're extremely confident that we can support Mike Weccardt and his team to realise Walz's full potential. The Alteri team has deep retail and restructuring expertise - we believe we are well-positioned to partner with Walz and other retailers in Germany (and across Europe) to restore their businesses to health and help them grow."
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